The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Tag Archives: JLL Partners

Monday Biotech Deal Review: December 7, 2009

This was a fairly busy week for Canadian biotech deals, including a new brain-y collaboration for MaRS; peace at Patheon; some overallotment and some underallotment; some diversification by Canadian pharma (even if not on quite the scale of Pfizer’s deal with Protalix); and some trans-Atlantic acquisitiveness of a Canadian company’s own devicing [sic., sorry].  Don’t stop now… Read more of this post

Monday Biotech Deal Review: September 28, 2009

B&W_BigNickelLots of deal news this week, including the Canadian action noted at the time: the iCo-CPDD deal and ethica’s in-license transaction.  Plus there was plenty of international excitement today (repentance notwithstanding) with Abbott’s $6.6 billion Solvay play and J&J’s new 18% stake in Crucell.  Keep reading for a securities-palooza and plenty more after the jump…

Update Released by Patheon’s Special Commmittee

Patheon’s Special Committee provided an update today:

“The Special Committee of Independent Directors of Patheon Inc. … today provided an update on its discussions with Lonza Group AG … regarding Lonza’s previously announced non-binding proposal to acquire all of the outstanding restricted voting shares of the Company at a price of US$3.55 per share. The Special Committee also updated shareholders on Patheon’s litigation connected with the unsuccessful offer by JLL Patheon Holdings…”

You can check out the rest after the jump…

Patheon Special Committee Responds to JLL Statements

Patheon’s special committee issued a press release today in which it:

“commented … on the recent expiry of the unsuccessful bid by JLL … and recent statements by JLL regarding the previously announced proposal by Lonza … to acquire all of the outstanding Shares at a price of US$3.55 per share.”

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Monday Deal Review: August 24, 2009

Lonza Offers $460 Million for Patheon, JLL Rejects

JLL Partners’ long-standing bid for Patheon took a turn this morning as Lonza Group AG announced their own bid.

Here’s Lonza’s press release.

Here’s JLL’s response, rejecting the offer.

Stay tuned…

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Monday Deal Review: August 17, 2009

B&W_BigNickelIn addition to the highlights already noted — Enobia’s $50 million r0und, and the LOM – BioQuest joint venture — there was plenty of other Canadian deal activity this week.  Check it out after the jump…

Globe and Mail Story on Patheon-JLL Battle

Hockey_fightBoyd Erman at the Globe and Mail wrote about JLL’s long battle for Patheon in this morning’s paper, following yesterday’s dueling press releases (which I tweeted about @crossborderbio, also appearing to your right on this blog). 

Particularly if you’re new to this saga, I encourage you to read the whole article; but for those who have been getting their info here, I’d note a few particular tidbits about the long and previously good history between the parties:

“… it was JLL’s investment of $150-million in Patheon two years ago that enabled the company to restructure and get through tough times …”

and

“… Patheon was struggling in large part because the 2004 acquisition of a Puerto Rican drug maker called MOVA had gone sour, becoming a big money-loser …”

and notably, clarifies that Viso was the former owner of MOVA.

Maher Yaghi, an analyst at Desjardins Securities who Erman quotes several times in the story, takes a Solomonic approach, reportedly pegging the valuation at $3.75/share which splits the difference between JLL’s USD$2 offer and the $5 valuation Patheon is sticking to (so far).

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Monday Deal Review: July 20, 2009

B&W_BigNickelThis week’s deal review has some more info about Ambrilia’s deal with Kotinos that I tweeted about at the time (my Twitter stream shows up in the sidebar on the right here), as well as an update on JLL-Patheon and a raft of securities deals, including an issuer bid after the jump…

Monday Deal Review: June 22, 2009

B&W_BigNickelA whole gaggle of securities deals, a cluster of licenses and a flock of M&A all migrate back to Canada for summer in this week’s Monday Deal Review.  Plus, a deal that may improve the medical isotope shortage.   after the jump…

Monday Deal Review: June 8, 2009

B&W_BigNickelWell, it’s a day late, but no dollars short.  Here is an action-packed Deal Review.  Read on for some debt settlement, some creditor un-settlment (a BIA filing), and all kinds of M&A related rejigging…

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Patheon and JLL Head (Back) to Court

Hockey_fightIf you’ve been following the Canadian takeover saga that is JLL Partners’ bid for Patheon, you’ll be not at all surprised to learn that litigation is now pending.  Read all the gory details from today’s announcement by Patheon’s Special Committee of Independent Directors after the jump…

Monday Deal Review: May 25, 2009

bignickel1This week’s deal review has a couple of new placements, a couple of new plants, a very interesting claim asserted in Boston, and many, many updates on deals we have previously covered.  Check out the full review after the jump…

Monday Deal Review: May 11, 2009

bignickel1Check out the latest Patheon-JLL developments, a licensing deal that looks like a subcontracting arrangement, a plan of arrangement M&A that looks like a license, and the rest of the Canadian deal info from this past week after the jump…

Monday Deal Review: May 4, 2009

bignickel1Canadian deal and company news this week:

Big drama at Patheon’s AGM, a public offering (!), some collaboration news and a completed private placement.

after the jump…

Monday Deal Review: April 27, 2009

Biotech deal activity in Canada was back on the upswing a bit this week, with some private placements, issuer bids, and an equity line of credit…

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Monday Deal Review: April 20, 2009

A relatively quiet week for the deal review this week…

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Monday Deal Review: April 13, 2009

M&A, scads of securities, and a real, live IPO in the Canadian deal news this week.

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Wednesday Brain Dump: Deal-O-Rama Edition

There’s still plenty of deal activity in the pharma and biotech sector this week, even outside Canada, so here’s a roundup of what’s done, what’s pending and what’s in the rumor mill:

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Monday Deal Review: March 30, 2009

Monday Deal Review: March 16, 2009

M&A:

We already noted the JLL bid for Patheon this week, and the Patheon Special Committee’s response.  It turns out that JLL has been a busy enterprise lately, extending the expiration on a bid for PharmaNet Development Group, Inc. (Nasdaq: PDGI).

Partnering:

MedMira Inc., (TSX-V:MIR, NASDAQ: MMIRF), which has been active on the securities front with a debt settlement and a private placement, announced this week that it is has established a private label partnership with Vitest AG, which plans to market and sell MedMira rapid HIV tests in Africa under the Vitest brand.

Spectral Diagnostics Inc. (TSX: SDI) announced that it has signed a license agreement with Toray Industries, Inc. of Japan, granting Spectral the exclusive development and commercial rights in the U.S. for Toraymyxin™, a therapeutic device for the treatment of sepsis that removes endotoxin from the bloodstream. Under the terms of the agreement, Spectral will seek FDA approval for Toraymyxin™ and intends to commercialize the product together with its Endotoxin Activity Assay (EAA™), the only FDA-cleared diagnostic for the measurement of endotoxin.  

Venture Capital:

The Ontario Genomics Institute, through its Pre-commercialization Business Development Fund program,  invested an undisclosed amount in Cytognomix, a London, Ontario-based developer of cytogenetic DNA probes for potential use in diagnostics.  Cytognomix is developing single cell DNA probes that are smaller and more densely distributed across chromosomes than probes that are currently commercially available, and can be designed to specifically target and detect chromosomal abnormalities, such as those underlying cancer.

AgeChem subscribed for 50,000,000 units of Advitech Inc. (TSXV: AVI) at a price of $0.02 per unit (common share plus warrants exercisable at $0.05 or $0.10).  The closing is pending Advitech shareholder approval, exchange approval, and the coversion of certain of Advitech’s debt to AgeChem into equity.

The Caisse:

Last week, the Caisse (de dépôt et placement du Québec) brought in Robert Tessier as its new Chairman.  This week, Michael Sabia was appointed as the new CEO.

Securities:

Resverlogix Corp. (TSX:RVX) announced a USD$20 million private placement, with the possibility of a USD$10 to USD$15 million follow-on round (at 20% under the 5-day VWAP at the time). On closing, Resverlogix will issue units (one common share and 0.40 of a 5-year warrant at $2.72) at a price of CDN $2.72 per Unit. The Company is relying on the financial hardship provision of Section 604(e) of the TSX Company Manual, so a fully subscribed closing cannot occur prior to March 17th, 2009. The offering is highly dilutive — 31% without taking into account exercise of the warrants and 44% assuming full exercise of the warrants. The completion of the offering is subject to the approval of the TSX and all other necessary regulatory approvals.  Also, TSX is reviewing Resverlogix’s shares with respect to meeting the continued listing requirements. Reverlogix has been granted 210 days in which to regain compliance with these requirements,pursuant to the Remedial Review Process.

Akela Pharma Inc. (TSX: AKL) and LAB Research Inc. (TSX: LRI) have reached an agreement to settle all outstanding litigation initiated by the Akela against LAB Research in October 2008. LAB Research paid CAD$2 million and issued warrants entitling Akela to subscribe to 500,000 common shares of LAB Research at a price of $0.50 per share, the warrants expiring December 31, 2010. 

Helix BioPharma Corp. (TSX: HBP) registered its common shares with the SEC.

TSX has extended its review of the eligibility of the common shares of LMS Medical Systems Inc. (TSX: LMZ) for 30 days.

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Patheon Special Committee Bites its Thumb at JLL’s Bid. Clubs, Bills and Partisans to Follow!

Following JLL’s commencement of its bid for Patheon yesterday, Patheon’s Special Committee released its response this morning advising shareholders that JLL’s offer is “substantially undervalued, opportunistic
and structurally coercive.”

Patheon shares closed up slightly at $2.55 (up 0.79% from $2.53 yesterday), approximately matching the gains made by the Canadian dollar (up 0.55% today).  JLL’s bid is in US dollars ($2 per share), so this fluctuation with the exchange rate is to be expected.

Bonus points if you don’t need to click this to get the reference in the title of the post .

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Canadian M&A Update: JLL Commences Patheon Bid at USD$2.00 per share

JLL Partners’ bid for Patheon Inc. (TSX: PTI), which has been brewing since December at the same USD$2.00 price, turned into a takeover bid today, with JLL announcing the lockup of shareholders holding 12,581,766 (about 13.8% by my calculation) of the subject shares. 

As we noted in the Monday Deal Review February 23, Patheon has cited a BMO valuation of US$4.20 to US$5.00 per share.

However, with today’s exchange rate putting the JLL offer around CAD$2.57, the current trading price of $2.53 looks like a fairly strong expectation that the bid will succeed.

Update: This is probably an opportune time to mention the Bloomberg article I saw on anti-takeover measures being implemented by public biotechs (hat tip to BIO SmartBrief, who picked it up yesterday).

Suzanne Dingwall actually made a similar point about vulnerable venture-backed public companies a couple of weeks ago.

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Monday Deal Review: February 23, 2009

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